Abstract
This paper explores the evolution and strategic positioning of private equity firms (general partners) themselves (versus previous research focused on buyout portfolio firm implications). Specifically, we provide a conceptual configuration of private equity firms along two dimensions: their financial structure emphasis (the strategic use of debt versus equity among private equity portfolio firms) and the diversified scope of their portfolio firms. Using these dimensions, we create a typology classifying private equity firms into short-term efficiency niche players, niche players with long-term equity positions, diversified players with focused groups of portfolio firms, and shortterm diversified efficiency-oriented players. We also use resource dependence theory and resource-based theory to form our model, and discuss theoretical and managerial implications as well as public policy suggestions.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 22-38 |
| Number of pages | 17 |
| Journal | Academy of Management Perspectives |
| Volume | 27 |
| Issue number | 1 |
| DOIs | |
| State | Published - Feb 1 2013 |
| Externally published | Yes |
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ASJC Scopus subject areas
- Business and International Management
- Strategy and Management
- Marketing
Cite this
The evolution and strategic positioning of private equity firms. / Hoskisson, Robert E.; Shi, Wei; Yi, Xiwei; Jin, Jing.
In: Academy of Management Perspectives, Vol. 27, No. 1, 01.02.2013, p. 22-38.Research output: Contribution to journal › Article
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TY - JOUR
T1 - The evolution and strategic positioning of private equity firms
AU - Hoskisson, Robert E.
AU - Shi, Wei
AU - Yi, Xiwei
AU - Jin, Jing
PY - 2013/2/1
Y1 - 2013/2/1
N2 - This paper explores the evolution and strategic positioning of private equity firms (general partners) themselves (versus previous research focused on buyout portfolio firm implications). Specifically, we provide a conceptual configuration of private equity firms along two dimensions: their financial structure emphasis (the strategic use of debt versus equity among private equity portfolio firms) and the diversified scope of their portfolio firms. Using these dimensions, we create a typology classifying private equity firms into short-term efficiency niche players, niche players with long-term equity positions, diversified players with focused groups of portfolio firms, and shortterm diversified efficiency-oriented players. We also use resource dependence theory and resource-based theory to form our model, and discuss theoretical and managerial implications as well as public policy suggestions.
AB - This paper explores the evolution and strategic positioning of private equity firms (general partners) themselves (versus previous research focused on buyout portfolio firm implications). Specifically, we provide a conceptual configuration of private equity firms along two dimensions: their financial structure emphasis (the strategic use of debt versus equity among private equity portfolio firms) and the diversified scope of their portfolio firms. Using these dimensions, we create a typology classifying private equity firms into short-term efficiency niche players, niche players with long-term equity positions, diversified players with focused groups of portfolio firms, and shortterm diversified efficiency-oriented players. We also use resource dependence theory and resource-based theory to form our model, and discuss theoretical and managerial implications as well as public policy suggestions.
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U2 - 10.5465/amp.2012.0131
DO - 10.5465/amp.2012.0131
M3 - Article
AN - SCOPUS:84888618055
VL - 27
SP - 22
EP - 38
JO - Academy of Management Perspectives
JF - Academy of Management Perspectives
SN - 1558-9080
IS - 1
ER -